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<br /> TAX REFORM<br /> What Changes Will Be on the Next President's Agenda?<br /> PLUS<br /> • Interview with the IIA President<br /> • IFRS Liability Risks<br /> • Ethical Lessons for Accountants<br /> Protecting You. ProtectingYour Family.<br /> Have you helped safeguard the future you’ve planned for yourself and your loved ones<br /> should an unforeseen event affect your lives? 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Have you</a> <a title="The CPA Journal - November 2008 page 3" href="http://viewer.zmags.com/publication/9c45c03d?page=3"> </a> <a title="The CPA Journal - November 2008 page 4" href="http://viewer.zmags.com/publication/9c45c03d?page=4"> </a> <a title="The CPA Journal - November 2008 page 5" href="http://viewer.zmags.com/publication/9c45c03d?page=5"> C ONTENTS november 2008 </a> <a title="The CPA Journal - November 2008 page 6" href="http://viewer.zmags.com/publication/9c45c03d?page=6"> vol. LXXVIII/no. 11 6PERS</a> <a title="The CPA Journal - November 2008 page 7" href="http://viewer.zmags.com/publication/9c45c03d?page=7"> Publisher LOUIS GRUMET Associate Publi</a> <a title="The CPA Journal - November 2008 page 8" href="http://viewer.zmags.com/publication/9c45c03d?page=8"> The Pace MS in Taxation. On your schedule. </a> <a title="The CPA Journal - November 2008 page 9" href="http://viewer.zmags.com/publication/9c45c03d?page=9"> P ERSPECTIVES emerging issues The Proposed</a> <a title="The CPA Journal - November 2008 page 10" href="http://viewer.zmags.com/publication/9c45c03d?page=10"> publisher's column Underfunding Public Prot</a> <a title="The CPA Journal - November 2008 page 11" href="http://viewer.zmags.com/publication/9c45c03d?page=11"> (Continued from page 6) whether the information w</a> <a title="The CPA Journal - November 2008 page 12" href="http://viewer.zmags.com/publication/9c45c03d?page=12"> information reliable (along with verifiabili- ty </a> <a title="The CPA Journal - November 2008 page 13" href="http://viewer.zmags.com/publication/9c45c03d?page=13"> Why Can't Pat Audit? By Marshall K. Pitman Ina</a> <a title="The CPA Journal - November 2008 page 14" href="http://viewer.zmags.com/publication/9c45c03d?page=14"> quizzes at the textbook authors' website, and go </a> <a title="The CPA Journal - November 2008 page 15" href="http://viewer.zmags.com/publication/9c45c03d?page=15"> Healthcare Fraud: Auditing and Detection Guide B</a> <a title="The CPA Journal - November 2008 page 16" href="http://viewer.zmags.com/publication/9c45c03d?page=16"> inbox: letters to the editor Ideas for So</a> <a title="The CPA Journal - November 2008 page 17" href="http://viewer.zmags.com/publication/9c45c03d?page=17"> Focus In </a> <a title="The CPA Journal - November 2008 page 18" href="http://viewer.zmags.com/publication/9c45c03d?page=18"> A Conversation with IIA President David A. Richa</a> <a title="The CPA Journal - November 2008 page 19" href="http://viewer.zmags.com/publication/9c45c03d?page=19"> Expanding the IIA Donald E. Tidrick for The CP</a> <a title="The CPA Journal - November 2008 page 20" href="http://viewer.zmags.com/publication/9c45c03d?page=20"> My banker asked if I’d like to come to the bank l</a> <a title="The CPA Journal - November 2008 page 21" href="http://viewer.zmags.com/publication/9c45c03d?page=21"> Leadership Responsibilities CPAJ: What are you</a> <a title="The CPA Journal - November 2008 page 22" href="http://viewer.zmags.com/publication/9c45c03d?page=22"> We are working to determine how we can most effec</a> <a title="The CPA Journal - November 2008 page 23" href="http://viewer.zmags.com/publication/9c45c03d?page=23"> nal control models around the world. COSO's inter</a> <a title="The CPA Journal - November 2008 page 24" href="http://viewer.zmags.com/publication/9c45c03d?page=24"> over my 24 years as a CAE was that the group of p</a> <a title="The CPA Journal - November 2008 page 25" href="http://viewer.zmags.com/publication/9c45c03d?page=25"> Focus In </a> <a title="The CPA Journal - November 2008 page 26" href="http://viewer.zmags.com/publication/9c45c03d?page=26"> Will the Next President Reform the Tax Code? A </a> <a title="The CPA Journal - November 2008 page 27" href="http://viewer.zmags.com/publication/9c45c03d?page=27"> trolled Senate). In addition to this honey- moon </a> <a title="The CPA Journal - November 2008 page 28" href="http://viewer.zmags.com/publication/9c45c03d?page=28"> president, who one year later needed to find addi</a> <a title="The CPA Journal - November 2008 page 29" href="http://viewer.zmags.com/publication/9c45c03d?page=29"> Bush attempted, but failed to make his tax cuts p</a> <a title="The CPA Journal - November 2008 page 30" href="http://viewer.zmags.com/publication/9c45c03d?page=30"> in his term, particularly with respect to eco- no</a> <a title="The CPA Journal - November 2008 page 31" href="http://viewer.zmags.com/publication/9c45c03d?page=31"> A CCOUNTING & AUDITING financial accounting</a> <a title="The CPA Journal - November 2008 page 32" href="http://viewer.zmags.com/publication/9c45c03d?page=32"> is not in the actual asset or liability under- ly</a> <a title="The CPA Journal - November 2008 page 33" href="http://viewer.zmags.com/publication/9c45c03d?page=33"> flows of an existing asset or liability (e.g., fu</a> <a title="The CPA Journal - November 2008 page 34" href="http://viewer.zmags.com/publication/9c45c03d?page=34"> lack of confidence in Bear Stearns' abili- ty to </a> <a title="The CPA Journal - November 2008 page 35" href="http://viewer.zmags.com/publication/9c45c03d?page=35"> EXHIBIT 3 Tabular Disclosure of (a) Fair Values o</a> <a title="The CPA Journal - November 2008 page 36" href="http://viewer.zmags.com/publication/9c45c03d?page=36"> history was offered by the administration only af</a> <a title="The CPA Journal - November 2008 page 37" href="http://viewer.zmags.com/publication/9c45c03d?page=37"> EXHIBIT 4 The Effect of Derivative Instruments on</a> <a title="The CPA Journal - November 2008 page 38" href="http://viewer.zmags.com/publication/9c45c03d?page=38"> allow companies flexibility in deciding how to be</a> <a title="The CPA Journal - November 2008 page 39" href="http://viewer.zmags.com/publication/9c45c03d?page=39"> presented in a tabular or nontabular format. </a> <a title="The CPA Journal - November 2008 page 40" href="http://viewer.zmags.com/publication/9c45c03d?page=40"> </a> <a title="The CPA Journal - November 2008 page 41" href="http://viewer.zmags.com/publication/9c45c03d?page=41"> A CCOUNTING & AUDITING auditing How Do </a> <a title="The CPA Journal - November 2008 page 42" href="http://viewer.zmags.com/publication/9c45c03d?page=42"> Financial Auditors Overconfident in Their Ability</a> <a title="The CPA Journal - November 2008 page 43" href="http://viewer.zmags.com/publication/9c45c03d?page=43"> EXHIBIT 2 Graphical </a> <a title="The CPA Journal - November 2008 page 44" href="http://viewer.zmags.com/publication/9c45c03d?page=44"> (very low) to 100 (very high). Exhibit 2, Panel A</a> <a title="The CPA Journal - November 2008 page 45" href="http://viewer.zmags.com/publication/9c45c03d?page=45"> T AXATION state & local taxation Tax Cont</a> <a title="The CPA Journal - November 2008 page 46" href="http://viewer.zmags.com/publication/9c45c03d?page=46"> order to preserve the taxpayer's right to pre- se</a> <a title="The CPA Journal - November 2008 page 47" href="http://viewer.zmags.com/publication/9c45c03d?page=47"> basis set forth in the consent. Great care must b</a> <a title="The CPA Journal - November 2008 page 48" href="http://viewer.zmags.com/publication/9c45c03d?page=48"> penalties and interest) or $40,000 for sales and </a> <a title="The CPA Journal - November 2008 page 49" href="http://viewer.zmags.com/publication/9c45c03d?page=49"> F INANCE personal financial planning The </a> <a title="The CPA Journal - November 2008 page 50" href="http://viewer.zmags.com/publication/9c45c03d?page=50"> passive strategies offer fiduciaries excel- lent </a> <a title="The CPA Journal - November 2008 page 51" href="http://viewer.zmags.com/publication/9c45c03d?page=51"> M ANAGEMENT practice management </a> <a title="The CPA Journal - November 2008 page 52" href="http://viewer.zmags.com/publication/9c45c03d?page=52"> Uniform CPA Examination address IFRS. As the p</a> <a title="The CPA Journal - November 2008 page 53" href="http://viewer.zmags.com/publication/9c45c03d?page=53"> ness grows. This has implications beyond the Big </a> <a title="The CPA Journal - November 2008 page 54" href="http://viewer.zmags.com/publication/9c45c03d?page=54"> In addition, Article V—Due Care, paragraph .02</a> <a title="The CPA Journal - November 2008 page 55" href="http://viewer.zmags.com/publication/9c45c03d?page=55"> the acquisition. If the advisor or acquirer is no</a> <a title="The CPA Journal - November 2008 page 56" href="http://viewer.zmags.com/publication/9c45c03d?page=56"> grate IFRS into their training materials, publica</a> <a title="The CPA Journal - November 2008 page 57" href="http://viewer.zmags.com/publication/9c45c03d?page=57"> R ESPONSIBILITIES & LEADERSHIP ethics </a> <a title="The CPA Journal - November 2008 page 58" href="http://viewer.zmags.com/publication/9c45c03d?page=58"> often creates worse problems than the acts they a</a> <a title="The CPA Journal - November 2008 page 59" href="http://viewer.zmags.com/publication/9c45c03d?page=59"> their own in conducting investigations. They shou</a> <a title="The CPA Journal - November 2008 page 60" href="http://viewer.zmags.com/publication/9c45c03d?page=60"> TAX & ACCOUNTING</a> <a title="The CPA Journal - November 2008 page 61" href="http://viewer.zmags.com/publication/9c45c03d?page=61"> R ESPONSIBILITIES & LEADERSHIP ethics M</a> <a title="The CPA Journal - November 2008 page 62" href="http://viewer.zmags.com/publication/9c45c03d?page=62"> nificance. The differences that were found to be </a> <a title="The CPA Journal - November 2008 page 63" href="http://viewer.zmags.com/publication/9c45c03d?page=63"> The P-score is expected to have a nega- ge</a> <a title="The CPA Journal - November 2008 page 64" href="http://viewer.zmags.com/publication/9c45c03d?page=64"> of these future accounting professionals. At the </a> <a title="The CPA Journal - November 2008 page 65" href="http://viewer.zmags.com/publication/9c45c03d?page=65"> T ECHNOLOGY e-commerce Determining the Tax </a> <a title="The CPA Journal - November 2008 page 66" href="http://viewer.zmags.com/publication/9c45c03d?page=66"> tute property.” Court decisions express a sim- il</a> <a title="The CPA Journal - November 2008 page 67" href="http://viewer.zmags.com/publication/9c45c03d?page=67"> Consequently, income derived from its sale would </a> <a title="The CPA Journal - November 2008 page 68" href="http://viewer.zmags.com/publication/9c45c03d?page=68"> the lottery, the assignment of the lottery right </a> <a title="The CPA Journal - November 2008 page 69" href="http://viewer.zmags.com/publication/9c45c03d?page=69"> T ECHNOLOGY the cpa & the computer Clie</a> <a title="The CPA Journal - November 2008 page 70" href="http://viewer.zmags.com/publication/9c45c03d?page=70"> Bresler & Schulman Asset Management Corp., 274 F.</a> <a title="The CPA Journal - November 2008 page 71" href="http://viewer.zmags.com/publication/9c45c03d?page=71"> at least physically separate sensitive infor- mat</a> <a title="The CPA Journal - November 2008 page 72" href="http://viewer.zmags.com/publication/9c45c03d?page=72"> tions provide for public key infrastructure (PKI)</a> <a title="The CPA Journal - November 2008 page 73" href="http://viewer.zmags.com/publication/9c45c03d?page=73"> The New York Times reported that “a growing nu</a> <a title="The CPA Journal - November 2008 page 74" href="http://viewer.zmags.com/publication/9c45c03d?page=74"> Compliance & Regulatory Newsletter, March 2004). </a> <a title="The CPA Journal - November 2008 page 75" href="http://viewer.zmags.com/publication/9c45c03d?page=75"> T ECHNOLOGY what to bookmark Website of t</a> <a title="The CPA Journal - November 2008 page 76" href="http://viewer.zmags.com/publication/9c45c03d?page=76"> Potential Employees The “careers” section of RS</a> <a title="The CPA Journal - November 2008 page 77" href="http://viewer.zmags.com/publication/9c45c03d?page=77"> Classified PROFESSIONAL OPPORTUNITY l BUSINESS l</a> <a title="The CPA Journal - November 2008 page 78" href="http://viewer.zmags.com/publication/9c45c03d?page=78"> CPA PRACTICES Sales  Mergers  Va</a> <a title="The CPA Journal - November 2008 page 79" href="http://viewer.zmags.com/publication/9c45c03d?page=79"> LEGAL SERVICES PROFESSIONAL CONDUCT EXPERT </a> <a title="The CPA Journal - November 2008 page 80" href="http://viewer.zmags.com/publication/9c45c03d?page=80"> FREE 46 Profitable Marketing Ideas! Build your p</a> <a title="The CPA Journal - November 2008 page 81" href="http://viewer.zmags.com/publication/9c45c03d?page=81"> </a> <a title="The CPA Journal - November 2008 page 82" href="http://viewer.zmags.com/publication/9c45c03d?page=82"> E CONOMIC & MARKET D ATA monthly update</a> <a title="The CPA Journal - November 2008 page 83" href="http://viewer.zmags.com/publication/9c45c03d?page=83"> E DITORIAL a message from the editor-in-chie</a> <a title="The CPA Journal - November 2008 page 84" href="http://viewer.zmags.com/publication/9c45c03d?page=84"> Your Business Challenge: Improve Firm Management </a>